Does social security support cash payment? What are the payment methods?

Social insurance is an important part of the social security system, mainly including pension insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance. Does the current social security fee support cash payment? What are the main payment methods?

A: At present, social security fees support cash payment.

Payment channels: the payer can use online and offline channels such as tax service hall, electronic tax bureau, self-service tax terminal, commercial bank and mobile APP.

Payment method: the payer can pay the social security fee by bank transfer, batch deduction, credit card, cash, etc.

Note: Please consult the local competent tax authorities for details.

Accounting treatment of social insurance premiums paid by enterprises

Accrued wages:

Debit: overhead-salary

Loan: wages payable to employees.

Social insurance preparation undertaken by the company:

Borrow: management fee-social insurance

Loan: payable to employees-social insurance

Pay social insurance:

Debit: payable to employees-social insurance

Payable to employees-wages

Loans: bank deposits

Pay wages:

Debit: Payables-Wages

Loans: bank deposits